203C.17 RECEIVING BULK GRAIN AT LICENSED AND
UNLICENSED WAREHOUSES.
1. Any grain which has been received at any licensed warehouse
for which the actual sale price is not fixed and proper documentation
made or payment made shall be construed to be grain held for storage
within the meaning of this chapter. Grain may be held in open
storage or placed on warehouse receipt. A warehouse receipt shall be
issued for all grain held in open storage within one year from the
date of delivery to the warehouse, unless the depositor has signed a
statement that the depositor does not desire a warehouse receipt. A
warehouse receipt shall be issued upon request by the depositor. The
warehouse operator's tariff shall apply for any grain that is
retained in open storage or under warehouse receipt.
2. Bulk grain deposited with a licensed warehouse operator for
processing, cleaning, drying, shipping for the account of the
depositor or any other purpose shall be removed within thirty days or
such grain shall be determined as stored grain and the warehouse
operator's tariff charges shall apply.
3. Grain received on a scale ticket which fails to have the price
fixed and properly documented on the records of the warehouse
operator shall be construed to be in open storage.
4. All bulk grain whether open storage or having been placed on
warehouse receipt is covered by the grain depositors and sellers
indemnity fund created in chapter 203D.
5. Any grain which has been received at any unlicensed warehouse
and for which the actual sale price has not been fixed and payment
made within thirty days from receipt of the grain, unless covered by
a credit-sale contract, shall be construed to be unlawful storage
within the meaning of this chapter. Bulk grain received at any
unlicensed warehouse for any other purpose must either be returned to
the depositor or disposed of by order of the depositor within thirty
days from date of actual deposit of the bulk grain.
6. If the depositor of bulk grain in an unlicensed warehouse
fails to sell the grain or orders other disposition of the grain, the
warehouse operator may purchase the grain, if otherwise allowed by
law, on the thirtieth day after deposit at not less than the local
market price at the close of business on the thirtieth day or return
the grain to the depositor by the thirtieth day.
7. A licensed warehouse operator who does not have a sufficient
quantity or quality of grain to satisfy the warehouse operator's
obligations based on an examination by the department shall not
purchase grain on credit-sale contract to correct the shortage of
grain. A licensed warehouse operator shall not issue a warehouse
receipt for purposes of providing collateral, if the grain which is
the subject of the warehouse receipt was purchased by credit-sale
contract and is unpaid for by the warehouse operator.
8. a. Every licensed warehouse operator shall, on or before
July 1 of each year, send a statement for each holder of a warehouse
receipt covering grain held for more than one year at that warehouse
to the holder's last known address. The statement shall show the
amount of all grain held pursuant to warehouse receipt for such
warehouse receipt holder and the amount of any storage charges held
by the licensed warehouse operator against that grain. However, a
licensed warehouse operator need not prepare this annual statement
for a holder of a warehouse receipt, if the licensed warehouse
operator prepares such statements monthly, quarterly or for any other
period more frequent than annually.
b. The failure to prepare a statement required by this
subsection is a simple misdemeanor.
c. Violation of this section shall not constitute grounds for
suspension, revocation, or modification of the license of anyone
licensed under this chapter.
2007 amendment to subsection 1 applies to a document of title
issued or a bailment that arises on or after July 1, 2007; for law
governing a document of title issued or a bailment that arose prior
to July 1, 2007, see Code 2007; 2007 Acts, ch 30, §45, 46
203C.17 RECEIVING BULK GRAIN AT LICENSED AND
UNLICENSED WAREHOUSES.
1. Any grain which has been received at any licensed warehouse
for which the actual sale price is not fixed and proper documentation
made or payment made shall be construed to be grain held for storage
within the meaning of this chapter. Grain may be held in open
storage or placed on warehouse receipt. A warehouse receipt shall be
issued for all grain held in open storage within one year from the
date of delivery to the warehouse, unless the depositor has signed a
statement that the depositor does not desire a warehouse receipt. A
warehouse receipt shall be issued upon request by the depositor. The
warehouse operator's tariff shall apply for any grain that is
retained in open storage or under warehouse receipt.
2. Bulk grain deposited with a licensed warehouse operator for
processing, cleaning, drying, shipping for the account of the
depositor or any other purpose shall be removed within thirty days or
such grain shall be determined as stored grain and the warehouse
operator's tariff charges shall apply.
3. Grain received on a scale ticket which fails to have the price
fixed and properly documented on the records of the warehouse
operator shall be construed to be in open storage.
4. All bulk grain whether open storage or having been placed on
warehouse receipt is covered by the grain depositors and sellers
indemnity fund created in chapter 203D.
5. Any grain which has been received at any unlicensed warehouse
and for which the actual sale price has not been fixed and payment
made within thirty days from receipt of the grain, unless covered by
a credit-sale contract, shall be construed to be unlawful storage
within the meaning of this chapter. Bulk grain received at any
unlicensed warehouse for any other purpose must either be returned to
the depositor or disposed of by order of the depositor within thirty
days from date of actual deposit of the bulk grain.
6. If the depositor of bulk grain in an unlicensed warehouse
fails to sell the grain or orders other disposition of the grain, the
warehouse operator may purchase the grain, if otherwise allowed by
law, on the thirtieth day after deposit at not less than the local
market price at the close of business on the thirtieth day or return
the grain to the depositor by the thirtieth day.
7. A licensed warehouse operator who does not have a sufficient
quantity or quality of grain to satisfy the warehouse operator's
obligations based on an examination by the department shall not
purchase grain on credit-sale contract to correct the shortage of
grain. A licensed warehouse operator shall not issue a warehouse
receipt for purposes of providing collateral, if the grain which is
the subject of the warehouse receipt was purchased by credit-sale
contract and is unpaid for by the warehouse operator.
8. a. Every licensed warehouse operator shall, on or before
July 1 of each year, send a statement for each holder of a warehouse
receipt covering grain held for more than one year at that warehouse
to the holder's last known address. The statement shall show the
amount of all grain held pursuant to warehouse receipt for such
warehouse receipt holder and the amount of any storage charges held
by the licensed warehouse operator against that grain. However, a
licensed warehouse operator need not prepare this annual statement
for a holder of a warehouse receipt, if the licensed warehouse
operator prepares such statements monthly, quarterly or for any other
period more frequent than annually.
b. The failure to prepare a statement required by this
subsection is a simple misdemeanor.
c. Violation of this section shall not constitute grounds for
suspension, revocation, or modification of the license of anyone
licensed under this chapter.
2007 amendment to subsection 1 applies to a document of title
issued or a bailment that arises on or after July 1, 2007; for law
governing a document of title issued or a bailment that arose prior
to July 1, 2007, see Code 2007; 2007 Acts, ch 30, §45, 46
203C.17 RECEIVING BULK GRAIN AT LICENSED AND
UNLICENSED WAREHOUSES.
1. Any grain which has been received at any licensed warehouse
for which the actual sale price is not fixed and proper documentation
made or payment made shall be construed to be grain held for storage
within the meaning of this chapter. Grain may be held in open
storage or placed on warehouse receipt. A warehouse receipt shall be
issued for all grain held in open storage within one year from the
date of delivery to the warehouse, unless the depositor has signed a
statement that the depositor does not desire a warehouse receipt. A
warehouse receipt shall be issued upon request by the depositor. The
warehouse operator's tariff shall apply for any grain that is
retained in open storage or under warehouse receipt.
2. Bulk grain deposited with a licensed warehouse operator for
processing, cleaning, drying, shipping for the account of the
depositor or any other purpose shall be removed within thirty days or
such grain shall be determined as stored grain and the warehouse
operator's tariff charges shall apply.
3. Grain received on a scale ticket which fails to have the price
fixed and properly documented on the records of the warehouse
operator shall be construed to be in open storage.
4. All bulk grain whether open storage or having been placed on
warehouse receipt is covered by the grain depositors and sellers
indemnity fund created in chapter 203D.
5. Any grain which has been received at any unlicensed warehouse
and for which the actual sale price has not been fixed and payment
made within thirty days from receipt of the grain, unless covered by
a credit-sale contract, shall be construed to be unlawful storage
within the meaning of this chapter. Bulk grain received at any
unlicensed warehouse for any other purpose must either be returned to
the depositor or disposed of by order of the depositor within thirty
days from date of actual deposit of the bulk grain.
6. If the depositor of bulk grain in an unlicensed warehouse
fails to sell the grain or orders other disposition of the grain, the
warehouse operator may purchase the grain, if otherwise allowed by
law, on the thirtieth day after deposit at not less than the local
market price at the close of business on the thirtieth day or return
the grain to the depositor by the thirtieth day.
7. A licensed warehouse operator who does not have a sufficient
quantity or quality of grain to satisfy the warehouse operator's
obligations based on an examination by the department shall not
purchase grain on credit-sale contract to correct the shortage of
grain. A licensed warehouse operator shall not issue a warehouse
receipt for purposes of providing collateral, if the grain which is
the subject of the warehouse receipt was purchased by credit-sale
contract and is unpaid for by the warehouse operator.
8. a. Every licensed warehouse operator shall, on or before
July 1 of each year, send a statement for each holder of a warehouse
receipt covering grain held for more than one year at that warehouse
to the holder's last known address. The statement shall show the
amount of all grain held pursuant to warehouse receipt for such
warehouse receipt holder and the amount of any storage charges held
by the licensed warehouse operator against that grain. However, a
licensed warehouse operator need not prepare this annual statement
for a holder of a warehouse receipt, if the licensed warehouse
operator prepares such statements monthly, quarterly or for any other
period more frequent than annually.
b. The failure to prepare a statement required by this
subsection is a simple misdemeanor.
c. Violation of this section shall not constitute grounds for
suspension, revocation, or modification of the license of anyone
licensed under this chapter.
2007 amendment to subsection 1 applies to a document of title
issued or a bailment that arises on or after July 1, 2007; for law
governing a document of title issued or a bailment that arose prior
to July 1, 2007, see Code 2007; 2007 Acts, ch 30, §45, 46
